AI will shrink workforces within five years, say company execs

In a world where technology is constantly evolving, artificial intelligence (AI) is set to become a major game-changer in the workforce. A recent global survey conducted by the Adecco Group in collaboration with Oxford Economics has shed light on the impact AI is expected to have on employment across various industries. The survey, which involved 2,000 C-suite executives from nine countries, including the United States, Canada, Germany, and Japan, revealed that 41% of these leaders anticipate employing fewer people due to advancements in AI technology.

AI, particularly generative AI capable of creating original content, is seen as a disruptor in the workplace, prompting companies to rethink their employment strategies. While some executives plan to redeploy employees whose jobs are affected by AI, a significant portion is looking to hire individuals already skilled in AI technologies. This shift underscores the importance of reskilling and redeploying teams to harness the potential of AI without causing unnecessary upheaval in the job market.

Contrastingly, a poll by the World Economic Forum (WEF) last year painted a slightly more optimistic picture, suggesting that while AI may lead to job losses, it could also create new opportunities. The WEF highlighted technologies like big data analytics, climate change management, and cybersecurity as key drivers of job growth in the coming years. However, the reality remains that AI has already contributed to job cuts in tech firms, with companies like Dropbox and Duolingo citing AI as a reason for layoffs.

The potential for AI to replace up to 300 million full-time jobs globally, as estimated by Goldman Sachs economists, mainly affects white-collar workers. This stark prediction emphasizes the need for the workforce to adapt to the changing landscape, where AI skills will become increasingly valuable………[read more]

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Considering AI’s evolving role in the workforce, how can businesses and educational institutions collaborate to ensure that the current and future workforce is equipped with the necessary AI skills to thrive in this new technological era?

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Lashawna

3 months ago

As AI’s role in the workforce continues to develop, it’s important for businesses and educational institutions to collaborate. They can work together to provide training programs, workshops, and possible courses that obtain current and future workforce with the needed AI skills. The collaboration will help ensure that individuals are prepared to thrive in this new technological era.